Dec 29, 2012 1:00pm PST
. if it does go to the fiscal cliff and we go over it, sequestration would cut only $109 billion next year. that is actually not a lot in a budget of almost four trillion, is it? >> it's not a lot of the total number, half of that goes to defense which are own admirals and generals have said and secretary of defense would be devastating. this comes on top of -- $50 billion in one year to the defense. and it doesn't touch at all medicare and the other entitlement programs. >> gregg: biggest drivers and cost and absolutely nothing has been done about those things? >> it's criminal. she is things are going to destroy us. we can live with higher taxes, you might not think it's the best idea on the rich. i think it's a way to go about it but we can't survive we are without adjusting our entitlement reform unless it is addressed. >> gregg: jamie weinstein, it's criminal -- i didn't take it that far but you do did. >> without a fiscal cliff teal the pentagon is bracing for $500 billion but that is over the next decade and raises questions how military leaders plan to keep the nation safe. >> last
Dec 30, 2012 7:00am PST
and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called sequester that would hit the pentagon. on "fox news sunday" senator lindsey graham told chris wallace he got a call from the defense secretary suggesting these cuts are coming. lake a listen. >> i was called by leon panetta at 7:30 during dinner. >> secretary of defense. >> this is the failure of the supercommittee to find $1.2 trillion in cuts. half of the 1.2 falls on defense who already cut. he says if we do this we will shoot the defense department in the head and send out 800,000 layoff notices the beginning of the year. he is worried to death if we don't fix sequestration we will destroy the biggest military in the world at the time we need it most.
Dec 29, 2012 10:00am PST
years ago shall the spending cuts, the fiscal cliff, it was designed to force washington to deal with the nation's long-term debt problem. and instead, here we are, a final hour, who knows what will happen next and i want to specifically ask you about the lack of progress on those structural issues like entitlement spending because even the plan c isn't touching that. so that means regardless of what happens before january 1st, investors will then be dealing with a certain degree of political risk long-term after the fiscal cliff deadline has passed. so, how will that affect the market on the economy in terms of spending cuts? >> well, my fear is that the compromise will be that we get the tax increases and they postpone the spending cuts and that's the ultimate objective. >> yes he. >> and you know, that is something that the economy will recover from and something will adjust to. remember, about half of the increased taxes on the average individual come from simply the roll off of that fica tax break we received the last two years, so, you know, the tax increases inasmuch as yo
Dec 30, 2012 8:00am PST
hikes and spending cuts. lawmakers are running out of time to avert the fiscal cliff. the latest on the 11th-hour scramble.
Dec 25, 2012 7:00am PST
this fiscal cliff is really all about. we're talking about automatic tax cuts that will go into place as well as drastic, draconian cuts in entitlement programs, medicare, and even the military. the military can suffer very greatly if this goes through the sequestration. if you look at all this, you realize something has got to be done, because $2,000 per average taxpayer will be added to them over the course of this year if they fail to do something, what is going to happen? what is your prediction, brad? >> well, my prediction is, that we're likely to go over the cliff because the president also knows, kelly, in 2013 any deal made then can be retroactive to january 1st. so the draconian cuts we're talking about can be wiped away with the stroke of a pen should a deal be made. i believe the president believes he is in stronger position if he deal doesn't go through now because he believes he will have better leverage in january. kelly: sear lena? >> he has better leverage i agree with brad about that. he can come to congress after january 1 and pass tax cuts only for those making under $250,
Dec 30, 2012 1:00pm PST
is going on racing against the clock as the final countdown to the fiscal cliff deadline begins. unless a deal is reached by january 1st, more than $500 billion in tax increases and spending cuts are set to kick in affecting nearly every american. hello, i'm gregg jarrett. >> arthel: i'm arthel nevil. welcome to a brand-new hour. as gregg just said the ball is in the senate's court. the republicans submitted a proposal to the senate democrats last night and are still waiting for a response. who is up at the podium right now. >> gregg: let's take a look at the shot. >> they are continuing to discuss this. we think there could be a path forward. one thing there is democrats have come out and made a change on cpi and republicans are concerned if that is not used as an offset to replace some of the spending cuts that would occur under sequester that democrats put forward and alternative. this is a process, there is a lot of things going on right now but republicans don't want to see new revenues, democratic tax increases to be used for new spending. that is where many of our members have dr
Dec 29, 2012 3:00pm PST
a way to avert the fiscal cliff, automatic tax increases for everybody and deep spending cut that will affect the defense department and entitlement programs. what do you think? deal or no deal, and if they do reach a deal, can they get it done? >> well, they've got to reach a deal. this is just ridiculous. it was a point after the election where i actually believed -- i don't know about you -- that they had gotten the message that people wanted two houses, the president and congress, republicans and democrats. the people wanted government to work and for people to work together. there was a very short period of time when the speaker came back and he's meeting with the president and he said, maybe these children have actually grown up, with all due respect. now here we are. what are we going to do, pray? new year is tuesday? these consequences would be terrible. you've got working people whose paychecks would get eaten into. you got people who would pay higher taxes who can barely afford it now. unemployment benefits running out. this is just not okay for them to be sitting i
Dec 30, 2012 9:00am PST
. >> reporter: the president focusing his comments on the tax side of this so-called fiscal cliff. but as mike so aptly pointed out, there is the sequester, the massive spending cuts that would largely target the defense department. those are coming due as well at the beginning of the year. senator lindsay graham was on fox news sunday and told chris wallace, he got a call from the defense secretary, leon panetta, who said, even if there is a deal on the hitt hill to deal with the tax side of all of this, secretary panetta does not think there will be a deal to stop the massive defense is cuts. lindsay graham and others saying they are deeply concerned, whether there is a deal or not on the tax side, there could be a massive hit on the pentagon budget and what that means for our national defense. big deal. >> absolutely. thanks. joining us for a closer look at the fiscal cliff negotiations, ron johnson, a member of the appropriations and budget committees in the senate. thank you for taking a break from a busy time to visit with us. >> thank you. >> i want to get a response from the comments t